Wed, Jun 21, 2017 - Page 11 News List

Taiwan Business Quick Take

Staff writer

PROPERTY DEVELOPERS

Chinese investment urged

Shining Building Business Co (鄉林建設) chairman Lai Cheng-yi (賴正鎰) yesterday called on the government to ease the regulations on Chinese investment in the local property market, saying Chinese buyers deserve the same treatment as investors from other nations. As of March this year, foreign capital accounted for 311 property deals and 804 land deals, while Chinese investors were involved in only nine, the Taichung-based developer said. Lai blamed the gap on stricter requirements on Chinese investors, who can only apply for 50 percent mortgages, must stay in Taiwan for four months a year and own the property for at least three years before selling.

INVESTMENT

More firms eyeing China

The number of applications for investment in China by Taiwanese companies approved in the first five months of the year jumped 120.62 percent year-on-year to 214, Investment Commission data showed. Investment Commission Executive Secretary Chang Min-pin (張銘斌) said many Taiwanese technology companies are willing to invest in China as the economy has been showing strong growth. However, the commission’s data showed that the value of approved China-bound investment by Taiwanese companies fell 24.4 percent year-on-year in the five-month period to US$2.57 billion. This was mainly due to a relatively high comparison base as the commission gave approval early last year for contract chipmaker Taiwan Semiconductor Manufacturing Co (台積電) to invest US$1 billion building a 12-inch wafer plant in Nanjing.

TRANSPORTATION

Acer to launch taxi service

Acer Inc (宏碁) and Taiwan Taxi (台灣大車隊) yesterday announced a partnership that could help taxi drivers earn an additional NT$3,000 to NT$6,000 (US$99 to US$197) a month by using the Taiwanese PC vendor’s service that identifies transportation demand hot spots. The service, which uses Acer’s artificial intelligence and big data analysis capabilities, is set to be launched in the second half of this year. Taxi drivers using the service are expected to benefit by one to two additional fares per day.

FOREIGN EXCHANGE

Inflation spurs greenback

The US dollar yesterday rose against the New Taiwan dollar, gaining NT$0.040 to close at NT$30.401, amid concerns that rising inflation in the US would prompt the US Federal Reserve to keep raising its key interest rates, dealers said. The greenback opened at the day’s high of NT$30.420 and fell to NT$30.353, before rebounding later in the trading session. Turnover totaled US$608 million. Buying by foreign institutional investors on the local equity market helped the NT dollar fend off downward pressure and recoup its earlier losses, they said. Foreign institutional investors bought a net NT$1.4 billion of shares yesterday, Taiwan Stock Exchange data showed.

MONEY LAUNDERING

Amended act to take effect

An amendment to the Money Laundering Control Act (洗錢防制法) is to come into effect on Wednesday next week which stipulates that undeclared foreign currency and negotiable securities exceeding a certain amount carried in or out of the nation would be confiscated. Under the revised act, passengers entering or leaving Taiwan with local currency exceeding NT$100,000, foreign currency exceeding US$10,000, Chinese currency exceeding 20,000 yuan or other negotiable securities should make a declaration with customs officers.

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